Gehl Co., West Bend, Wis., last week announced it entered into an asset-backed securitization financing with UBS Securities LLC. As part of the transaction, Gehl obtained investment-grade rating for the facility. Under the revolving facility, Gehl may sell up to $150 million of retail installment contracts.
The company is pleased to have the facility in place,” said Thomas Rettler, chief financial officer. “With this transaction, the company will be able to reduce its borrowing cost relating to retail installment contracts initiated through its independent dealer network.”
Proceeds from the sales under the facility will be used to reduce short-term debt.
